Snyder, South Koreans sign agreement boosting business ties

Snyder, South Koreans sign agreement boosting business ties

Friday, Sept. 30, 2011

SUWON, South Korea - Gov. Rick Snyder today signed an agreement of strategic cooperation between Michigan and the Gyeonggi province of South Korea, laying the groundwork for partnerships between universities, research and development centers and private-sector companies.

"Michigan values the great contribution Korean-owned businesses are making to its economic recovery and wants other Korean companies who are thinking about making investments to know we welcome their business," Snyder said. "We are proud to complete this agreement with Gov. Kim and Gyeonggi province. It signifies a mutual commitment to growing our economies through innovation, entrepreneurship and technology."

The Memorandum of Strategic Cooperation between Michigan and the province encourages their respective economic development agencies to collaborate closely with universities, research and development centers, and private-sector companies with partnerships aimed at:

Leveraging and advancing both traditional and new areas of strength and expertise in Michigan and Gyeonggi.

Identifying business opportunities and initiatives for Michigan and Gyeonggi companies.

Promoting joint applied research collaborations between Michigan and Gyeonggi companies, universities and R&D centers aimed at developing products and technologies for commercialization.

Promoting the export of technologies, services and products between Michigan and Gyeonggi.

Facilitating the exchange of business delegation visits between Michigan and Gyeonggi.

Talks between the governors began in April when Gov. Kim Moon-Soo of Gyeonggi province visited Michigan to show his support for a new technology partnership facilitated through the Gyeonggi-UT Austin's Global Commercialization Group Innovation Program.

The visit celebrated the launch of a collaboration between Link Engineering Inc., a U.S. market leader in industrial testing equipment, and KNR Inc., a Korean testing equipment manufacturer and testing services provider.

Today's agreement was one of the more public highlights of Gov. Snyder's eight-day investment mission in Asia, where he and a Michigan delegation have met with Japanese, Chinese and Korean government officials and major company executives to promote business opportunities in Michigan. The group will return home on Saturday.

Governor Rick Snyder, right, and Governor Kim Moon-soo of South Korea's Gyeonggi Province after signing a strategic cooperation agreement to lay the groundwork for partnerships between Michigan and South Korean universities, research and development centers and private-sector companies.